如符合下列条件-fia.pptVIP

Recommendations to Encourage Global Market Participation on Emerging Derivatives Markets鼓励参与全球新兴衍生产品市场的推荐意见  Effective Markets有效市场 Derivatives markets flourish where: 如符合下列条件，衍生产品市场将会蓬勃发展： products are well designed and are deemed by market participants to provide good hedging opportunities; 产品设计完善，给市场参与者提供良好的风险对冲机会； 2. price discovery is fair and transparent, and there is adequate liquidity; 市场定价公平、透明，有充足的流动量； 3. there are effective rules prohibiting market offenses (for example, manipulation) and fraudulent practices, as well as governing market operations; the rules are applied and enforced impartially; and there is a fair means to adjudicate disputes; and 已制订有效的规则，能阻止市场干扰(例如操控行为)及欺诈行为，并能监管市场运作；有关规则能公正地运用及实施；设有公平的纠纷仲裁制度；及 there is an effective settlement and clearing system. 采用有效的结算及交收系统。 Well Designed Products产品设计完善 Derivatives products are well designed when: 如符合下列条件，衍生产品的设计已属完善： There is predictable correlation between prices in the cash and derivatives markets; 现货与衍生产品市场的价格之间有可预知的关系； 2. at contract expiration there is convergence between the derivatives product and cash market price; and 当合约届满时，衍生产品与现货市场的价格趋于一致；及 if a product is physically delivered, the delivery method is sufficiently robust to minimize the likelihood of an effective manipulation. 如果以实物交收方式交付产品，交付方法须要相当稳妥，将出现操控行为的可能性降至最低。 consider cash vs. physical settlement 考虑现金及实物交收方式 if physical settlement, anticipate manipulative conduct 如果是实物交收，可能会出现操控行为 Transparency透明度 Price discovery is fair and transparent when prices: 如价格符合下列条件，市场定价将属公平及透明 1. Reflect supply and demand; 能反映供需情况 2. are determined, whether through open outcry or an equivalent electronic bidding process, or through application of a fair and impartial algorithm, through a system that is predictable and verifiable; 不论透过公开叫价或同等的电子叫价程序，或使用公平及公正的计算方法，或透过可预知及验证的系统，均能 limit the advantages to insiders; 限制内部知情人员的优势； require and enforce a robust audit trail; 规定及实施稳健的审核程序； if electronic, has robustness and red